Happy Friday afternoon to everyone on The Street. Here's a snapshot of where markets ended the trading session, plus tomorrow's trade idea delivered to you today.

• 🟨 | US Stocks Were Mixed on Friday. The Dow closed at a record high above 40,000, marking a five-week winning streak for the index. The S&P 500 and Nasdaq Composite were left little changed.

• 📈 | One Notable Gainer: Reddit’s stock surged 10% on news that the company has formed a partnership with OpenAI to bring Reddit’s content to ChatGPT.

• 📉 | One Notable Decliner: Shares of Cracker Barrel took a 14% dive after the company provided an update that showed earnings per share are currently lower than they were 10 years ago.

• 🤫 | Tomorrow's Trade: Warren Buffet’s Secret Stock. Scroll down for more.

Plus, here are the five primary reasons why CEEK believes it could be poised to become the vanguard of metaverse entertainment.

YESTERDAY’S POLL RESULTS

Which stock do you think will outperform over the next 12 months?

🟩🟩🟩🟩🟩🟩 First Solar (FSLR)

🟨🟨🟨⬜️⬜️⬜️ Ford (F)

🟨🟨⬜️⬜️⬜️⬜️ General Motors (GM)

MARKET MOVERS

Robinhood, Gamestop, & Tilray

HOOD (+12%) Robinhood received a double upgrade from Bank of America from Underperform to Buy due to increased retail engagement and growth (YF)

GME (-20%) Gamestop’s selloff was triggered by a company announcement of preliminary earnings results and a possible new equity offering (Forbes)

AMD (+1%) Microsoft plans to offer Advanced Micro Devices’ AI chips as an alternative to systems running Nvidia’s chips (IBD)

TLRY (-7%) Cannabis company Tilray is looking to raise money through the sale of shares to prepare for a marijuana reclassification in the United States (MW)

GLOB (-6%) Software company Globant reported a 21% increase in YoY revenue but offered full-year guidance that fell short of expectations (Investing.com)

TOGETHER WITH CEEK

Five Reasons Why CEEK Could Be The Future Of Metaverse Entertainment

Despite its strengths, the entertainment industry grapples with numerous shortcomings that can hinder creativity and innovation. These obstacles arise from the industry's centralized framework and relatively slow integration of digital technologies, preventing users from relishing the top-notch experiences they sincerely desire.

However, the emergence of blockchain and VR technology, when entwined, creates new and exciting possibilities for creators and users alike. At this new frontier of innovation is CEEK, a decentralized entertainment metaverse looking to revolutionize the industry and elevate it to unprecedented heights.

Here are the five primary reasons why CEEK believes it could be poised to become the vanguard of metaverse entertainment.

OVERHEARD ON THE STREET

YF: Boeing stockholders decided that CEO Dave Calhoun can stay on the company's board despite an unfolding crisis that started under his watch.

Reuters: Retail investors are pulling out of Europe's hedge fund industry, with assets under management shrinking to an eight-year low.

NBC: New drugs to treat menopause symptoms, like hot flashes, are finally on the market or are in development, but women may face insurance hurdles.

Bloomberg: Approximately 42% of middle-class households with income of more than $100,000 report being behind or delinquent on BNPL payments.

CNBC: Consulting firm Klaros analyzed 4,000 US banks and found 282 facing potential losses tied to high interest rates.

TOMORROW’S TRADE IDEA, TODAY

Warren Buffet’s Secret Stock

The Secret’s Out

No one commands respect in the world of investing like Warren Buffet and his legendary firm, Berkshire Hathaway (BRK.B). Investors and fans alike track his every move. They were treated to a long-awaited surprise when a previously undisclosed stock pick was revealed in a recent regulatory filing. 

That stock is Chubb (CB), an insurance company headquartered in Zurich. Berkshire has taken a massive position in the stock, buying 26 million shares worth around $6.7 billion. It’s now the firm’s 9th biggest holding. 

Tight-Lipped

Berkshire was granted confidential treatment and managed to keep the position under wraps for three straight quarters. The firm isn’t regularly requesting confidential treatment – it had not done so since its purchase of Chevron (CVX) and Verizon (VZ) in 2020. Buffet also avoided discussing the holding at the firm’s annual meeting earlier this month. 

Before the big reveal, investors assumed the secret stock was a bank stock, as Berkshire filings showed a jump in banks, insurance, and finance cost basis of nearly $5 billion over the previous three quarters.

Nothing New

Insurance company Ace Limited acquired Chubb in 2016 for $29.5 billion and opted to adopt Chubb as the name of the newly combined companies. 

Insurance is nothing new to Berkshire, as it has historically bought big-name insurers such as Geico, General Re, and Alleghany.

The stock surged almost 7% in extended trading after Berkshire’s position was revealed, and it’s now up over 15% year-to-date. Buffet’s investment is no guarantee of success, but he isn’t known as the “Oracle of Omaha” for nothing.

TOGETHER WITH CEEK

Five Reasons Why CEEK Could Be The Future Of Metaverse Entertainment

Despite its strengths, the entertainment industry grapples with numerous shortcomings that can hinder creativity and innovation. These obstacles arise from the industry's centralized framework and relatively slow integration of digital technologies, preventing users from relishing the top-notch experiences they sincerely desire.

However, the emergence of blockchain and VR technology, when entwined, creates new and exciting possibilities for creators and users alike. At this new frontier of innovation is CEEK, a decentralized entertainment metaverse looking to revolutionize the industry and elevate it to unprecedented heights.

Here are the five primary reasons why CEEK believes it could be poised to become the vanguard of metaverse entertainment.

ON OUR RADAR

Bloomberg: The People’s Bank of China is preparing $42 billion in funding to buy unsold homes in a broad rescue package to end the nation’s property crisis.

Axios: The Supreme Court ruled that the Consumer Financial Protection Bureau's structure passes constitutional muster, rebuffing payday lenders.

Yahoo: Representative Thomas Massie has introduced a bill to audit and abolish the Federal Reserve and blamed the Fed for the current state of rapid inflation.

Bloomberg: China now has more semiconductor plants under construction than anywhere else in the world, building production of less-glamorous legacy chips.

YF: According to a Pew Research Center study, approximately 19% of Americans ages 65 and older were employed in 2023, nearly double the figure 35 years ago.